Mr. Marshall Abbott reports

ARROW ANNOUNCES EXPLORATION WELL IC-1 LOG RESULTS

Arrow Exploration Corp. has provided an update on operational activity at the Icaco field on the Tapir block in the Llanos basin of Colombia, where Arrow holds a 50-per-cent beneficial interest.

Icaco-1 exploration well

The Icaco 1 exploration well (IC-1) was spudded May 5, 2026, and reached target depth on May 9, 2026. The IC-1 well was drilled, on time and under budget, to a total measured depth of 7,800 feet (7,524 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

Log analysis shows 30 feet of pay in the Carbonera C7 formation, 15 feet of pay in the Gacheta formation and 26 feet of pay in the Ubaque formation.

Arrow plans to production test the IC-1 well in the three formations that are hydrocarbon bearing on petrophysical analysis: the Carbonera C7, Gacheta and Ubaque. After tests and cleanup of the wells have been completed, over the coming weeks, Arrow will provide production testing results.

Marshall Abbott, chief executive officer of Arrow, commented: "We are very encouraged by the well log results of the Icaco 1 exploration well. The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery. These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir block.

"The Icaco prospect, highlighted by the proprietary 3-D seismic, supports the scope and repeatability of this suite of conventional reservoirs in Tapir block.

"Arrow has now drilled five successful exploration wells in the Tapir block, which have subsequently resulted in 40 development wells. This demonstrates significant value additions to the company. Management looks forward to updating shareholders on the exciting progress at Icaco in the near term."

About Arrow Exploration Corp.

Arrow Exploration (operating in Colombia through a branch of its 100-per-cent-owned subsidiary Carrao Energy SA) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited and underexplored and offer high potential growth. The company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo basins. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. By way of a private commercial contract with the recognized interest holder before Ecopetrol SA, Arrow is entitled to receive 50 per cent of the production from the Tapir block. The formal assignment to the company is subject to Ecopetrol's consent. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM (Alternative Investment Market) of the London Stock Exchange and on TSX Venture Exchange under the symbol AXL.

Qualified person statement

The technical information contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration. Mr. Carnie was formerly a member of the Canadian Society of Petroleum Geologists, holds a BSc in geology from the University of Alberta, and has over 35 years of experience in the oil and gas industry.

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